Author Archives for Carla Corsi

Podcast – How to Find Strength & Perseverance No Matter What is in Our Way

May 15, 2023 3:47 pm Published by Carla Corsi Leave your thoughts

Thank you David Greenspan #MindShare101 for having me on your podcast! I was honoured to be amongst so many other... View Article

Are you waiting for prices to skyrocket back up before selling? 🚀

April 14, 2023 12:43 pm Published by Carla Corsi Leave your thoughts

So you bought your home during the high peak of the market, now u need or want to sell and... View Article

Amendment to the Canadian Foreign Home Buyer’s Ban – March 2023

April 4, 2023 7:35 pm Published by Carla Corsi Leave your thoughts

The Canadian Government recently announced changes to the Foreign Buyers Ban The following amendments are being announced by the Minister... View Article

Anyone who is looking to buy their first home needs to know about this account. In addition to the RRSP Home Buyers Plan (HBP), both accounts can provide up to $75,000 of tax-free room (and up to $150,000 for couples) to save for a down payment! Key points: You must be a first-time home buyer, at least 18 years old and can’t have owned a home in the past 4 years. You can contribute $8000 dollars a year to a lifetime limit if $40,000 for individuals or $80,000 for spouses. If you can’t contribute, you can carry forward a maximum $8000 to future years if you have opened the FHSA account. Over contributions will be taxed at 1 percent every month. Contributions to the FHSA will be tax deductible against your income (like an RRSP). You can carry forward your deduction indefinitely to a future tax year. The account works like a TFSA, your investment gains are tax-free and when your investments (stocks, bonds, mutual funds, ETFs, GICs) grow you can take out more for your first home purchase. You must reside in Canada when making the withdrawal. Use the home as your primary residence for a valid withdrawal. You must have a written agreement to buy or build a home in Canada by October first the year following the withdrawal. Once withdrawn, the funds can be used for a down payment, closing costs or even home expenses such as furniture. If you withdraw funds for non-qualifying reasons, withholding tax will apply treating gains like taxable income. If funds are not being used, you can transfer funds for FHSA to an RRSP or a RRIF on a tax-free basis. These transfers will not reduce or limit an individual's contribution room. Also, these transfers will not reinstate an individual's lifetime contribution room. FSHA account will close at 71 years of age or 15 years after opening and funds will be moved to RRSP or RRIF. Reach out to me for more information or to get a referral to one of my preferred tax & mortgage partners.

✨TAX FREE First Time Home Buyers Savings Account (FHSA)✨

March 16, 2023 2:42 pm Published by Carla Corsi Leave your thoughts

Anyone who is looking to buy their first home needs to know about this account. In addition to the... View Article

94 Waterbury St – Just Listed 3 Bed/3Bath Home In Bolton

March 3, 2023 6:43 am Published by Carla Corsi Leave your thoughts

Welcome to 94 Waterbury St. Perfect 3 bedroom 3 bathroom upgraded home on a premium pie shaped lot in south... View Article

What is the Vacant Home Tax & Does it Apply To You?

January 6, 2023 5:48 pm Published by Carla Corsi Leave your thoughts

The goal of the VHT is to increase the supply of housing by discouraging owners from leaving their residential properties... View Article

Working with the Right Knowledgeable Agent Matters!

January 3, 2023 7:14 am Published by Carla Corsi Leave your thoughts

There’s been a shift in the housing market… the volatility of interest rates has slowed down the market and created... View Article

Foreign Buyers Officially Banned From Purchasing Real Estate In Canada

January 1, 2023 8:55 pm Published by Carla Corsi Leave your thoughts

Starting January 1, 2023, foreign commercial enterprises and people will be banned from purchasing residential properties in Canada for two... View Article